Forex Brokers SA : Best Forex Brokers South Africa 2024

Forex Brokers SA, Forex Brokers Reviews that have helped thousand of South African Forex traders launch profitable trading careers. Forex Brokers South Africa is an independent Forex broker reviewer. Find the best Forex brokers with bonus in South Africa, best Forex brokers in South Africa 2024 / 2025. Best South Africa Forex brokers bonus. Forex Brokers South Africa is created for South African traders with an aim of helping beginner Forex traders in South Africa to get the best Forex education to start their trading career. At Forex Brokers SA, we have expert Forex traders and journalists that write Forex brokers reviews, compare and rank all Forex brokers in South Africa. By using our Forex Brokers SA website, you will get independent reviews of top Forex brokers in South Africa written by professional Forex traders. Our professional team also write education articles on how to start Forex trading in South Africa, how Forex trading works, tricks, tips and trading strategies. We also have a list of Forex brokers in South Africa.

Best Forex Brokers South Africa

Lis Of the Best FSCA / FSB Regulated Forex Brokers in South Africa for 2024

The 10 Best FSCA / FSB Regulated Forex Brokers for South African Traders (2024)

Here’s out top 10 Forex brokers South Africa:

  1. CM Trading – Best Local Forex Broker
  2. – Best Forex broker South Africa
  3. XM – Top Broker in South Africa
  4. Plus500 – Best CFD Trading Platform
  5. AvaTrade – Top Rated Forex Broker
  6. FXTM – Cheap Forex Broker for Beginners
  7. HotForex – Best Broker for Beginners
  8. Alpari – Top SA Regulated Broker
  9. FXCM – FSCA regulated Broker with ECN accounts
  10. Exness – Overall Best FSCA regulated Forex Broker

To help traders find trusted Forex brokers best known in South Africa, we’ve researched all the CFD and Forex brokers authorized by FSCA in South Africa. We’ve compared their trading platforms, trading fees, number of years since FSCA authorization date, features and some more factors! These are still the best forex brokers in South Africa 2020. Here are the comparisons and Forex brokers reviews for all our selected best FSCA Forex brokers, one by one.


Alpari Group is a foreign exchange, precious metals, and contract for difference broker that has a record of insolvency and regulatory difficulties. It was founded in 1998 but re-launched in 2014. Alpari Forex broker is regulated by the FSCA in South Africa and is also regulated by the Financial Services Commission (FSC) of the Republic of Mauritius. Alpari gives traders access to multiple platforms such as MetaTrader 4 and MetaTrader 5 on desktop, web, and mobile formats.

Over 2 million traders have chosen Alpari because they offer more than 250 markets in Forex, Indices, Stocks, Cryptocurrencies and Metals and have a trading turnover of more than $1.3 trillion per year. Alpari also offers clients with demo account which makes it easier for beginner traders. Alpari is one of the top Forex brokers in South Africa for 2024.

Alpari Broker Features

  • Offers low minimum deposit
  • Maximum leverage as high as 1:1000
  • A choice between ECN and market-maker execution models
  • Over 60 Forex currency pairs and crosses available for trading
  • Also regulated by an offshore industry center (FSC Mauritius)


  • 250+ financial CFD instruments
  • Commission-free trading available
  • ECN Trading accounts available
  • Can trade on MetaTrader 4/5 and use Alpari CopyTrade


  • Limited trader education and research
  • High fees

CM Trading

Established in 2012, CM Trading has quickly grown into the largest and most trusted financial broker in Africa. It is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa. CM Trading provides a safe avenue to the world’s most liquid financial markets. CM Trading Broker provides a user friendly web and mobile MetaTrader 4 apps, award winning trading platforms, MT4 user manual, CopyKat system, economic calendar, technical analysis and much more.

CM Trading Broker Features

  • Offers low minimum deposit
  • Best local broker in South Africa


  • Minimum deposit from $100
  • Segregated client funds
  • CM Trading is regulated locally in South Africa with FSCA.
  • Their customer support is very good and available 24/5 from Monday to Friday


  • Not FCA regulated
  • Limited range of instruments
  • No Customer Support during weekend
  • Fixed spread of 1.5 pips


Plus500 is a British international financial firm providing online trading services in contracts for difference (CFD), across more than 2,000 securities and multiple asset classes. Plus500 broker has relatively low spreads and no commissions. Plus500 broker was founded in 2008 and it is headquartered in Israel and has subsidiaries in UK, Cyprus, Australia, Singapore, and Bulgaria

Plus500 is regulated by several international financial authorities in addition to the FSCA, including the Australian Securities and Investments Commission (ASIC) and UK’s Financial Conduct Authority (FCA).

Plus500 Features

  • Offers access to over 2,000 trading instruments
  • Very low spreads and commissions
  • Offers low minimum deposit
  • Offers Negative Balance Protection


  • No withdrawal fee
  • Highly regulated
  • Easy to use platform


  • Minimal research tools
  • Lack of platforms
  • Limited product portfolio


AvaTrade is one of the most highly regulated online brokers in the market, with regulation across 7 jurisdictions and 6 continents. AvaTrade was founded in 2006 with its headquarters in Dublin, Ireland, while having satellite offices South Africa, Australia, Japan and many more.

AvaTrade offers than 250 financial instruments which include more than 60 Forex currency pairs, bonds, commodities, major stock indices, cryptocurrencies, individual shares, and ETFs.

AvaTrade is regulated in Australia, Europe, Japan, the British Virgin Islands, and South Africa.

AvaTrade Features

  • Competitive spreads
  • More than 20 languages on their website
  • Desktop, tablet, mobile, and web-based trading with MetaTrader 4, MetaTrader 5 and AvaTradeGO
  • Trade Forex, Indices, CFD & more with AvaTrade ZA


  • Great educational tools
  • Free deposit and withdrawal options
  • No withdrawal fee
  • Easy and fast account opening


  • Inactivity fee
  • Offers only CFDs, Forex, and Cryptocurrencies
  • Administration fee
  • Limited research tools

What is A Forex Broker?

A forex broker, also known as a retail forex broker or a currency trading broker, is a financial services company or legal person who mediates a transaction between a seller and a buyer, in exchange for a commission, which is usually a percentage of the value of that transaction. In Forex, brokers provide traders access to a platform for buying and selling foreign currencies.

Forex Brokers

The payment of the commission is usually made at the time of concluding the transaction, or, as the case may be, in several tranches depending on the difficulty or the agreement between the parties. Although a Forex broker is a third party to the transaction, Forex brokers SA usually represent the interests of one, with the goal of either earning as much income as possible if he represents a seller, or a cost as low as possible if they represent a buyer. A Forex broker is usually part of an association or guild, and their skills are certified on the basis of assessment tests or exams. For example, a trusted Forex broker operating on the financial markets must be authorized by the Financial Sector Conduct Authority (FSCA), which is the financial markets conduct regulator of South Africa. Top Forex brokers in South Africa are authorized by the FSCA.

Understanding the Forex Broker

The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies against one another. The Forex market opens 24 hours a day five days a week because Forex trades over the counter (OTC). This market does not trade at one central location.

The clients of best Forex brokers in SA include retail currency traders who use online trading platforms for speculation on the direction of currencies. Forex brokers SA clients also include big financial services companies that trade on behalf of investment banks and other customers. Individual Forex broker companies in South Africa only handle a small portion of the volume of the overall foreign exchange (Forex) market.

The Role of a Forex Broker

Forex brokers in South Africa have a role to play in the Forex market. Most foreign exchange transactions are between pairs of the currencies of the Group of Ten or G10 countries. The nations and their currencies include the Euro (EUR), the Japanese yen (JPY), the U.S. dollar (USD), the Australian dollar (AUD), the Canadian dollar (CAD), the pound sterling (GBP), the New Zealand dollar (NZD) and the Swiss franc (CHF). Most Forex brokers regulated in South Africa also allow traders to trade in other currencies such as the South African Rand (ZAR), and those of emerging markets. By using a Forex broker South Africa, a trader opens his trade by buying a currency pair and closes his trade by selling the same pair. For example, a Forex trader who wants to exchange U.S. dollars for euros buys the USD/EUR pair. This equals to buying U.S. dollars using euros. To close this trade, the seller sells his pair, which is equivalent to buying euros with U.S. dollars.

If the exchange rate is higher when the trader closes his trade, he will make a profit. If not, he takes a loss.

Opening A Trading Account with A Forex Broker in South Africa

It’s quite simple these days to open a Forex trading account in South Africa. It can be done online through the best Forex brokers in South Africa. Before you start trading Forex, many Forex trading brokers South Africa require a client to deposit funds into their new account as collateral. There are also Forex brokers with high leverage and they provide it to clients so that they can trade larger amounts than they have deposited. Depending on the country a trader trades from, the leverage amount can be 30 to 400 times the money available in the online trading account.

South African Forex brokers with high leverage make Forex trading very risky and most Forex traders lose money trying it. Some people end up avoiding high leverage Forex brokers in South Africa.

How Forex Brokers SA Make Money

Regulated Forex brokers make money in two ways. The first way is via the bid-ask spread of a currency pair.

For example, when the U.S. Dollar-Euro pair is priced as 1.20010 bid and 1.20022 ask, the spread between these two prices is .00012, known as 1.2 pips. When a retail trader opens his position at the ask price and he later closes his position at the bid price, the trusted Forex broker will take that spread amount. That’s the first way Forex brokers make money.

The second way Forex brokers make money is through additional fees. Some Forex brokers regulated in South Africa charge a fee per transaction or charge a monthly fee for access to a particular software interface or fees for access to special trading products such as exotic options.

Best Forex Trader South Africa

With the rise of retail Forex trading in South Africa, there’s also a rise of best Forex brokers in SA. The competition among brokers is very high and many brokers have started eliminating as many fees as possible in order to attract retail Forex traders. We now have Forex brokers with welcome bonus (Forex brokers bonus) and most offer free or tiny small trading fees beyond the spread.

Some FSCA regulated Forex brokers in South Africa also make money via their own trading operations. If their trading creates a conflict of interest with their customers, this could be a problem. The financial markets conduct regulator of South Africa has curtailed this practice.

Regulation of Forex Brokers in South Africa

The industry is regulated by the Financial Sector Conduct Authority (FSCA), which is the financial markets conduct regulator of South Africa. Ensuring a transformed financial sector, the integrity of financial institutions and fair outcomes for customers. Previously, the market was regulated by the Financial Services Board (FSB), which was replaced by the FSCA. The FSB was the government of South Africa’s financial regulatory agency responsible for the non-banking financial services industry in South Africa from 1990 to 2018. So don’t be surprised when you see FSB regulated Forex brokers in South Africa with bonus on the internet.

Types of Forex Brokers Regulated in South Africa

There are different types of Forex brokers. Choosing a Forex broker also requires one to find out what your choices are. There are two main types of forex brokers: Dealing Desks (DD) and No Dealing Desks (NDD). Dealing Desk brokers are also called Market Makers.

These categories are differentiated by the way they execute transactions. Although there is only one type of DD broker, NDD brokers are divided into two subcategories, called Pure STP and ECN or a combination of the two.

  • Pure STP Brokers

In the NDD category, a Pure STP (or Straight Through Processing) brokerage will never interfere in your transaction, and the only source of liquidity comes directly from the market. The execution of the STP will mean that, if there is no liquidity in the market, a trade will skid and the trader will receive a quote. Pure STPs are completely free of conflict of interest, but traders should expect slower quotes and transaction execution speeds.

  • ECN Brokers

The true ECN (Electronic Communications Network) sends its orders directly to the liquidity providers with whom it is a partner. These providers can be other intermediaries or negotiating desks, or even the main banks. In a true ECN environment, traders have direct access to interbank market prices and have an accurate picture of the entire trading environment.

  • STP / ECN Brokers

An STP / ECN broker is an electronic communications network and a direct processor. Depending on the trader’s profile or the trading itself, they will decide which of the execution methods is in the client’s best interest. If there is liquidity in the market for a trade, STP execution can be used. But if it is better to obtain liquidity immediately from within the network, the ECN will be used. This combination of execution types aims to help traders obtain liquidity and execute transactions more quickly, without the broker becoming a market.

Four Various Of ECN and MM Brokers

Of course, some may have heard about:

  • Non-Dealing Desk (NDD)
  • Direct Market Access (DMA)
  • Dealing Desk (DD)
  • Straight-Through Processing (STP)

DDs are an interbank channel for the market for foreign exchange trading. They are an available means to facilitate transactions for brokers at banks or financial institutions. They can also use DDs for stocks and other financial instruments in addition to foreign exchange. It is common to have several DDs around the world.

DMA is an electronic platform that allows investors to use financial instruments and exchange offers to process transactions on a regular basis. Suppliers typically make use of this type of market, which requires the use of sophisticated technology. Although purchases and sales are made quickly, it is an intermediary Forex company that handles the transaction. In the 1990s, brokerage firms began to increasingly use DMA instead of MM to quote.

With NDDs, if there is no trading desk available, financial positions are immediately canceled and sent to banks. Unlike DDs, NDDs have variable spreads and liquidity allows suppliers to set prices.

In short, NDDs, for both STPs and ECNs, are simply a bridge between two brokers that do not transmit their clients’ orders via DDs.

STP is a process adopted by finance companies to optimize the processing time of all transactions without any human involvement. STP started to be used in the early 90’s.

How to choose the best Forex broker in South Africa

There are a number of factors that you should look for when choosing a Forex broker in South Africa. Below we highlight what makes a good forex broker.

Forex Broker Regulation

One of the most important steps before investing your money is to make sure that a Forex broker is legal and regulated in South Africa. As the financial markets have grown significantly in recent years, Forex platforms have appeared in droves. Getting into foreign currency trading involves making (sometimes large) movements of money on the web. It is therefore essential to choose from among the masses a site that is accredited by a regulatory body and where the data passing through it is protected.

The Forex market being decentralized, it can be much more prone to scams and fraudulent sites than other actions. It is therefore essential to opt for a legal forex broker that is regulated by at least one financial authority. This will ensure that the broker is legitimate and that your funds are in good hands. The most common regulations given to Forex brokers include FSCA, CySEC, FCA, and ASIC.

In South Africa, before opening an account with a Forex broker, you must ensure that the site is authorized by the Financial Sector Conduct Authority (FSCA). The FSCA is the market conduct regulator of financial institutions that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures. The FSCA ensures that brokers do not violate South African regulations. Any Forex broker who accepts South African clients but is not accredited by the FSCA or CySEC, FCA, and ASIC, is considered illegal and must appear on a blacklist.

The FSCA ensures that the brokerage company, South Africa or foreign, provides its investors with access to a sufficient amount of information in order to be able to make informed decisions.


The security criterion is an unconditional applicable not only to Forex transactions, but also to any activity carried out on the internet. All trading platforms, without exception, require encryption of data passing through the domain. The encryption of transactions meets the Secure Socket Layer (SSL) convention. To verify that the site is functioning according to SSL criteria, the URL must begin with https: // and be preceded by a padlock icon.

The encryption of your data starts from the moment you log into your customer area, when you enter your personal password. From this moment, the information is protected by SSL. Note that the encoding level is measured in bits, the minimum being 56 bits, the most reliable security level being 128 bits.

Trading platform

It is crucial to choose a trusted Forex broker with an intuitive platform that gives you access to all the trading tools you will need to place your trades. Choose a user-friendly platform like Plus500 if you are a beginner or AvaTrade if you are more experienced. AvaTrade provides access to MT4 and MT5 forex platforms, ideal for advanced traders.

Easy payment methods and transactions

When choosing a Forex platform, you must take into account the payment methods offered by the broker. Here, several conditions are essential, the first being access to legal and secure payment solutions in order to make your deposits and withdrawals of funds with confidence.

In addition, make sure that transactions are carried out easily and quickly. Below we have listed the most common payment methods on Forex trading sites:

  • Debit / credit cards: Visa, MasterCard or Maestro, for example.
  • Electronic wallets (e-wallet): PayPal, Skrill, Neteller.
  • Bank transfers.

Note: Bank transfers are only offered by a handful of brokers. The fastest solution being electronic wallets, with immediate deposits and withdrawals within 24 hours. Top Brokers like CM Trading accept debit cards, credit cards, PayPal, Neteller, Skrill, and Neteller.

You should also make sure that you are on the lookout for deposit or withdrawal fees. AvaTrade for example, does not charge a deposit fee, but withdrawals are subject to a certain fee.

Commissions and spreads

Each time you enter a trade, you will need to pay either the spread or a commission. Make sure you choose a broker with affordable spreads, so that you can get the most out of your profits.

Also be sure to look at the Forex brokers with low spreads on the currency pairs you want to trade. Typically, spreads start at 0.5 pips on major currency pairs like EURUSD.

Client service

The support offered to members of a forex platform is extremely important. This is proof of the broker’s legitimacy.

How to judge customer service from a stock broker? First of all, the platform must have a professional English-speaking team, available through various means of contact (email, telephone, live chat, even WhatsApp or Skype)

Software and interface

The intuitiveness of the interface is an essential criterion, especially for novice traders. You must be able to carry out your actions quickly and hassle-free, while having access to all the information in real time.

Make sure the site offers market analysis curves, the ability to see live quotes and prices.

Mobile trading

Being able to trade anywhere, anytime, this is the best Forex broker South Africa for 2024.  There are two solutions for trading in a portable version:

  • From an internet browser via a portable device.
  • Through a mobile application.

The broker of your choice should ideally be available on devices running Android, iOS and Windows. In order to ensure that the browsing quality will not be reduced on mobile, please check that the platform’s website is running under HTML5 coding.

The reputation of the Forex broker

This element may be obvious to some, or even go by the wayside when looking for the best Forex broker, yet it is a key criterion. Indeed, the reputation of the Forex broker does not lie on these services. Learn about these strengths, read Forex broker reviews, consult guides to find the best trading site, like ours, to get professional reviews.

Currency diversity

How to make a profit if the broker offers only a handful of foreign currencies? Your trading site must absolutely offer a wide selection of:

  • Major currency pairs.
  • Minor currency pairs.

The major currency pairs constitute the main international currencies, that is to say the most developed at the international level. This category includes European, Japanese, Canadian and Australian currencies. A major pair is effective when one of these currencies trades against a US dollar.

The pair of minor currencies, conversely, represent an exchange of secondary currency (outlined above) against another currency is not the US dollar. For example, a JPY / CHF exchange is a minor currency pair.


If you are looking to do leveraged forex trading, you will need a trusted Forex broker in South Africa that provides the leverage you are looking for like top Forex brokers high leverage. Usually the maximum leverage on European forex brokers is 1:30, but some platforms may offer more if you have a professional account.

Forex Brokers in South Africa

Top Forex brokers with bonus in South Africa

While you are looking for the best Forex brokers with bonus, you may want to explore some great Forex broker discounts that are available. By offering fees for initial deposits or withdrawals, giving traders special bonuses (sometimes up to 30%), incentives to be a more active trader, providing free tips, additional financial products and services, and more, some top brokers for Forex may end up staying at front. But be cautious when the temptation comes, because you still need to ensure that you are working with a highly worthy and reliable Forex broker and not be blinded by certain advantages that can be offered. It may be convenient to obtain external financial advice from a trusted advisor before diving into Forex trading.

Conclusion: the best FX broker for 2024

According to our in-depth analysis, AvaTrade is the highest score and is the best Forex broker for 2024. AvaTrade offers a fantastic platform, low commissions, is user-friendly and has a wide range of currency pairs to trade. Our advice: do not rush when you want to open a Forex account. Take your time! Compare brokerage firms! Open demo accounts!

How we compare Forex trading brokers in South Africa

To identify Forex trading brokers South Africa, we use the following criteria:

  • Regulation is confidence in the investment business. There are important regulators and smaller regulators, and we take all of this into account.
  • The trading conditions are the details of the product that they offer to the trader. In each instance, we analyze the product on offer in detail.
  • Platforms are the software offered to traders. We tested each of them.

Our rankings are calculated based on the regulations, the choice of platform and the negotiation conditions for customers. Our comprehensive research in each of these areas is presented here on our Google spreadsheet.


Regulators require brokers to maintain a fair trading environment and anti-money laundering processes, while operating with strict audit oversight and ensuring the protection of clients’ funds. Brokers that are regulated by more than one major regulator are more reliable.

Who are the main regulators?

These international regulators are respected for their commitment to consumer protection, strong supervision and rapid enforcement of sanctions against fraudulent brokers.

The main regulators are:

  • United Kingdom: Financial Conduct Authority (FCA)
  • Continental Europe: Cyprus Securities and Exchange Commission (CySEC)
  • Australia: Australian Securities and Investments Commission (ASIC)
  • South Africa: Financial Sector Conduct Authority (FSCA)

How to spot fake Forex brokers SA

Here are some warning signs to watch out for to avoid using the wrong Forex broker in SA:

  • Site

If the Forex broker’s website is too flashy and overly persuasive, it is very likely that that entity will not be licensed or registered with a financial regulator at its place of operation. Customers themselves can check a broker’s credibility by visiting the website and looking at their affiliation or association normally found in the “About Us” section. Some claim to be number one in Forex top 100 brokers, so be careful of such Forex brokers websites.

  • Trading

Best Forex brokers in SA should always let the client take care of their own Forex trading. If the Forex broker determines or limits the amount of money a client can receive, this is definitely a bad sign that they may not be a reputable or honest broker. What if that customer has a margin account that has suffered losses because prices have fallen too much? If the trader has no power over his own account, the broker can simply settle his collateral at a lower price. This can lead to sudden capital losses that are beyond the professional’s control.

  • Illegal attitudes

There are certain acts that are illegal in the Forex trade, such as sniping and hunting. These acts happen when the broker buys or sells near pre-established points ahead of time. This illegal activity is difficult to detect, so it is essential to talk to other investors to prevent this from happening. Currently, there is no list containing the names of brokers who practice sniping and hunting, making this another important reason for doing careful research.

  • Criminal

If the Forex broker is involved in other criminal acts, such as corruption, money laundering or the sale of weapons or illegal drugs, it is obvious that this is a service provider to avoid. If this Forex broker is caught by the authorities, all money invested in that broker may be seized and all investments will be lost.

Forex Brokers South Africa

The best Forex brokerage products and services

As previously mentioned, currency pairs; account specifications (initial deposit, ease of deposits / withdrawals, commissions / spreads, leverage and margin); customer service; compliance and trading platforms are some important points to take into account when making something that is one of the most difficult decisions in Forex: finding the best Forex broker.

Currency Pairs Available

Forex market participants can choose from a wide range of currency pairs. Experts advise traders, especially younger ones, to choose and focus on a few pairs.

The most common currency pairs used by traders are EUR/USD – the most popular among traders / GBP / USD, USD / JPY and USD / CAD. Secondaries are EUR / AUD, GBP / JPY, EUR / GBP and CHF / JPY. There are also so-called exotic pairs, which are composed of one of the main currencies with one from a developing country. Some examples are USD / HKD, EUR / TRY, and NZD / SGD. Although there are many currency pairs, starting with one or a few pairs at a time can make trading easier. This allows traders to focus on analyzing the data for a specific pair.

Account Specifications

Forex broker accounts vary depending on the payment method for deposits and withdrawals, commissions / spreads, leverage and margin.

  • Initial deposit – In the beginning, only large banks, companies and wealthy investors had access to the FX market. Nowadays, for prices as low as $ 50, anyone who wants to start trading can do that. Forex companies offer different types of trading accounts, too. Micro accounts, which are recommended for newbies, generally require a minimum deposit of $ 50, while a standard account requires an initial deposit of $ 500 and, finally, VIPs start at $ 10,000. Maybe check out Hollywoodbets login page for extra money.
  • Deposits / withdrawals – South African Forex brokers have different deposit and withdrawal policies. Of course, any deposit or withdrawal made to an account will be accompanied by a fee. Debit and credit cards are common forms of payment, as well as online payment with institutions like PayPal. The methods are usually valid for both deposit and withdrawal.
  • Commissions / spreads – How do brokers make money in the Forex market? Through commissions and spreads. Commissions are fees collected by top Forex brokers in SA, while the difference between the purchase and sale value is called a spread. Some Forex brokers promise to use spreads only to make a profit. The spread can be floating or fixed. To attract more customers, most Forex brokers in South Africa say that their spreads on the main pairs are fixed.
  • Leverage – Leverage gives traders more negotiating power. Essentially, brokers lend an amount to reinforce the potential gain. It is a double-edged sword, which can cause both profit and loss. Therefore, investors should use this strategy sparingly.
  • Margin – A relatively new concept for Forex investors, a margin account is similar to that of the stock market. It is a brokerage account in which clients borrow money from the broker to continue trading. The size of an investor’s margin is defined by the size of the investments he has.

Payment methods of Forex companies

In addition to competitive and flexible trading conditions, traders currently seek ease and convenience in depositing and withdrawing funds. A good Forex broker gives its clients several payment options, allowing them to choose the one that is most convenient for them. Credit and debit cards, as well as bank transfer, are some of the standard payment options used by traders. Again, thanks to technological advances, a large number of electronic payment methods have emerged. The PayPal , Skrill , Neteller and Webmoney are the most used methods in general. When selecting a payment option, also consider the commission or fee charged by him. It is also essential that the security of the funds be taken into account. Forex brokers South Africa can sometimes waive deposit fees to influence their clients to put more money. If you are unemployed, you can apply for Sassa SRD grant and also perform Sassa status check to see progress of your application.

Tips for choosing the perfect Forex broker in SA

  • Beware of brokers that are regulated only by small island states (São Vicente, Bermuda, Caymans, etc.), as their regulatory agencies are not very well regarded.
  • Regulation is the most important factor when choosing a broker. Check if your broker is regulated by the FCA, CySEC or ASIC.
  • If you are a novice trader, choose a broker with an unlimited Demo Account, this will give you the opportunity to practice before you start risking your money.
  • Make sure the broker you choose supports a platform that you are comfortable with. MetaTrader 4 is a safe choice as it is the industry standard and there are several tutorials online.
  • Think about whether you are willing to pay commissions or not. Brokers that charge commission tend to have tighter spreads on major currency pairs, but this may not be worth it for you.
  • Always check other fees that may be charged. We have always highlighted this in our analysis, but the most common are deposit and withdrawal fees and currency conversion fees.
  • Think about how much leverage you want to use, keeping it low; 100: 1 or less is a good idea if you are still learning how to trade.

Forex Brokers South Africa FAQs

Find all frequently asked questions (FAQs) about Forex brokers in SA.

What are Forex brokers?

They are financial companies that offer international currency trading services (Forex) to private traders around the world.

What is the best ranking for Forex brokers?

It is a list of the most popular brokers, filtered by reputation, customer reviews, trading conditions and platform functionality.

Is it safe to choose a Forex broker in SA?

All brokers represented on have licenses from regulators, including the most official organizations: FSCA, FCA, ASIC and CySEC.

What is the best Forex broker in South Africa?

The best Forex brokers in South Africa CM Trading, and AvaTrade. CM Trading is one of the leading trading and investment brokers in the world. You can start trading commodities, CFD’s, Indices, Stocks and more with low rates and reduced spreads. provides detailed market analysis and is a good choice for both new and experienced traders. AvaTrade is trusted by thousands of traders across South Africa and offers a wide variety of account types.

What is the best Forex broker for beginners in South Africa?

The best Forex broker for beginners in South Africa is CM Trading. Customer support is available 24 hours a day, 7 days a week, with personalized guidance and dedicated account managers available to new traders. The educational material is excellent and is presented through the CM Trading Academy, which is well structured and clear. Finally, the minimum deposit requirements are low and spreads are reduced. CM Trading is one of the best Forex brokers in South Africa with bonus.

Which Forex broker to choose in 2024?

Depending on the trader’s goal, the answer varies. Despite everything, some brokers stand out for their excellence in many areas: social trading, brokerage fees, customer service, trading training. This elite is brought together in our 2024 forex broker comparison.

What is the best broker for a beginner?

Many specialists and users tend to say that eToro is the best broker for a beginner. It’s easy-to-learn interface, its social trading platform with Copy Trading and its very low spreads make it a very popular benchmark broker. It is also one of the best Forex brokers in South Africa 2020.

Which trusted Forex broker to choose for scalping?

Scalping is an aggressive investment strategy, which has a lot of advantages, if applied well. This is why it is better to choose a broker with very low brokerage fees since the goal of the trader is to multiply the positions during a session. The key is to minimize the share of brokerage fees to maintain profitability.

How can I trade Forex in South Africa?

To trade Forex in South Africa you will need a reliable Forex broker. Before starting to trade, you must open a demo account with the broker so that you can gain experience with the Forex market and the broker’s trading platform. Once you have sufficient experience, you will need to deposit funds with the broker using a credit card or a payment system like OZOW or Neteller. Once your real account is funded, you can start trading with the best Forex brokers in South Africa.

Is Forex trading legal in South Africa?

Yes, Forex trading is legal in South Africa and you can trade with any Forex broker in the world. We recommend you use the top Forex brokers South Africa regulated in South Africa.

Which broker is the best for Forex in South Africa?

All the above listed brokers are the best for Forex in South Africa.

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